Most US-trained JDs who have a Latin America based practice focus on the areas of capital markets, mergers & acquisitions, and finance. US lawyers often represent American companies investing in Latin America, or Latin American businesses investing in the US. Many industries, including energy, natural resources, pharmaceutical, agricultural, and manufacturing, are represented in these transactions. A small number of US lawyers with a Latin America based practice also focus on international arbitration or environmental law. US law firms have historically developed close, long term relationships with elite local firms in each Latin American country and these relationships result in work for both parties.